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Last week WA Newspapers reported a 20% jump in half-year net profit to $32.7m. Revenue only increased 6.5% but this is a tightly run ship on the expense side and that allowed for a good profit increase. The fully-franked interim dividend has been increased from 12 to 14 cents (ex-date 11 March). As we've said in the past, dividends are the saving grace for this stock, don't expect too much capital growth over the years. And for income investors there's plenty to choose from at the moment including the banks and Tabcorp. Despite the good results we see BETTER VALUE ELSEWHERE.

Our broker has suggested we sell shares in Westfield rather than taking up the offer, and buying either Western Australian Newspaper shares, his first suggestion was WBC shares but we are self funded retirees and we felt we had enough bank shares....

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